Friday, November 20, 2009

The best way to reign in out-of-control, nonsensical bonuses for substandard Wall Street executives is to remind the firm's investors that the more money the masters of the universe make, the less money the investors make. You remember the investors, right? Those folks who put their cash up to risk so the masters of the universe can find ways to make the money make money.

Also, in a stunningly bipartisan move, US Rep. Ron Paul (R - Texas) got an amendment passed in Congress that would allow Congress to audit the Federal Reserve. This is a big, big win. While I'm not totally comfortable leaving the Fed at the whims of an organization that can alternately be controlled by the likes of Denny Hastert, Tom DeLay or Nancy Pelosi, such overwhleming success and support can only lead to deep reforms. Which are desperately needed.